Brandes Investment Partners LP Has $55.06 Million Stake in Open Text Co. (NASDAQ:OTEX)

Brandes Investment Partners LP lifted its holdings in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 236.8% during the 2nd quarter, Holdings Channel reports. The fund owned 1,834,835 shares of the software maker’s stock after acquiring an additional 1,290,011 shares during the quarter. Brandes Investment Partners LP’s holdings in Open Text were worth $55,059,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of OTEX. Chase Investment Counsel Corp boosted its stake in Open Text by 6.9% in the first quarter. Chase Investment Counsel Corp now owns 8,232 shares of the software maker’s stock worth $319,000 after purchasing an additional 528 shares in the last quarter. Optiver Holding B.V. bought a new position in shares of Open Text in the fourth quarter valued at about $27,000. Headlands Technologies LLC acquired a new position in Open Text during the 1st quarter worth about $32,000. Vanguard Personalized Indexing Management LLC grew its holdings in Open Text by 5.3% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 17,436 shares of the software maker’s stock worth $524,000 after acquiring an additional 874 shares during the last quarter. Finally, Ridgewood Investments LLC acquired a new stake in Open Text in the 2nd quarter valued at about $30,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on OTEX shares. BMO Capital Markets decreased their price target on shares of Open Text from $38.00 to $33.00 and set a “market perform” rating on the stock in a research note on Friday, August 2nd. National Bankshares lowered Open Text from an “outperform” rating to a “sector perform” rating and set a $38.00 price objective for the company. in a research report on Friday, August 2nd. Jefferies Financial Group reduced their price target on shares of Open Text from $42.00 to $35.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Citigroup increased their price objective on shares of Open Text from $32.00 to $34.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 25th. Finally, Barclays cut their price objective on shares of Open Text from $38.00 to $36.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Open Text presently has an average rating of “Hold” and an average price target of $38.80.

Open Text Stock Performance

Shares of OTEX opened at $33.09 on Monday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.51. Open Text Co. has a 12 month low of $27.50 and a 12 month high of $45.47. The firm has a fifty day simple moving average of $31.59 and a 200 day simple moving average of $32.39. The stock has a market capitalization of $8.93 billion, a price-to-earnings ratio of 53.37 and a beta of 1.11.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.41 billion. Open Text had a net margin of 8.06% and a return on equity of 25.00%. The company’s quarterly revenue was down 8.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.79 EPS. Research analysts forecast that Open Text Co. will post 3.23 EPS for the current fiscal year.

Open Text Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were given a dividend of $0.192 per share. This represents a $0.77 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend was Friday, August 30th. Open Text’s dividend payout ratio (DPR) is 169.35%.

Open Text Profile

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.